Treasury Department Must Acknowledge China’s Currency Manipulation (Sen. Richard Shelby)

I am disappointed by Treasury’s reluctance yet again to label China a currency manipulator in its report today.  The facts clearly show that China manipulates its currency thereby giving it an unfair trade advantage.  Treasury, however, reads current law as requiring a finding of ‘intent to manipulate’.  I believe that the Chinese intentions associated with their efforts to manipulate their currency are irrelevant.  The salient facts are that they manipulate and that provides them with an unfair trade advantage.

In my judgment, as long as Treasury interprets current law to require a finding of intent to manipulate, our trade imbalance with China will continue.  For this reason, I am pleased to join with Chairman Christopher Dodd (D-Conn.) in introducing legislation that will make Treasury’s determination fact-based, while at the same time providing Treasury with additional tools to remedy this situation on behalf of American workers.